14 most expensive neighborhoods for renters

iStockThe San Francisco Bay area is home to 3 of the 14 cities on this list.

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When asked what the single most important factor was when choosing an apartment or rental home to live in, the most popular answer was affordability and low rent, according to a recent survey of more than 2,500 renters, conducted by Apartments.com. Still, there are plenty of renters who will shell out big bucks to live in some of the trendiest or amenity-rich neighborhoods in town.

Apartments.com assembled a list of the most expensive neighborhoods in the country, using rental rates for one-bedroom apartments, as well as measures of how affordable they are, based on such factors as the area’s median income and cost of living. While it’s often recommended that people pay 25-30% or less of their take-home pay on rent each month, it isn’t uncommon for residents in these ‘hoods to pay much more than that, said Tammy Kotula, spokeswoman for the website. To come up with the list, Apartments.com started with 20 urban areas with the highest cost of living, and looked at the least affordable neighborhoods in each. The 14 most expensive neighborhoods are listed in the following slides.

“A lot of [the neighborhoods] are desirable locations in big, bustling urban areas,” Kotula said. These are neighborhoods that also tend to be on the East and West Coasts, with easy access to lots of jobs and opportunities, she added.

A one-bedroom apartment will set you back $1,860 a month, on average, in Rittenhouse Square, a neighborhood in Philadelphia with a lot of high-rises, luxury apartments and popular restaurants, Kotula said. The area also has a lush, open park and plenty of cultural attractions, including public art, the Curtis Institute of Music, the Philadelphia Art Alliance and the Underground Railroad Museum.

Bobak HaThe Pasadena City Hall

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13. Pasadena, Calif.: Southwest Pasadena

It’s a convenient place to live if you work in downtown Los Angeles, especially if you’re an outdoorsy type, drawn to picturesque biking and hiking, or want to live in a community with a small-town feel. But you’re going to pay to live in Southwest Pasadena: A one-bedroom apartment rents for an average $2,957 in this neighborhood.

dbking/Flickr Aerial view of Foggy Bottom. The Watergate Complex is in the foreground.

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12. Washington, D.C.: Foggy Bottom/GWU/West End

It’s one of the oldest neighborhoods in Washington, and also one of the most expensive. Historic homes and midrise apartment buildings are a big part of this area’s housing stock. Also located in the neighborhood is George Washington University, the Kennedy Center, the U.S. Department of State headquarters and the Watergate complex. A one-bedroom apartment rents for an average $2,662 in this neighborhood.

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11. Queens, N.Y.: Hunters Point

Situated on the south side of Long Island City in Queens, Hunters Point has a historic district with 19th century townhouses, and residents like its proximity to Midtown — as well as its pretty view of Manhattan, Kotula said. But all that is going to cost you an average $2,811 in rent each month for a one bedroom.

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10. San Diego, Calif.: Harborview

A one-bedroom apartment rents for $2,206 in Harborview. Despite the expense of living there, this San Diego neighborhood has a high population of young adults, Kotula said. It’s a waterfront neighborhood west of downtown, with museums along the water, as well as hotels and shopping. Cruise ships also dock there.

Brian1078/WikipediaNewport Center Skyline and Santa Ana Mountains.

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9. Newport Beach, Calif.: Newport Center

Cafes, restaurants and boutiques dot this neighborhood that lies close to the water. There’s also an upscale, open-air mall. The average cost for a month’s rent: $3,133.

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8. Jersey City, N.J.: Historic Downtown

There’s a high inventory of low-rise buildings and brownstones, complemented by parks and cultural attractions, in downtown Jersey City. It’s also just across the Hudson River from Manhattan. It costs, on average, $3,068 to rent a one-bedroom apartment in this area.

http://shopgreatneck.com/

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7. Great Neck, N.Y. (Nassau County): Great Neck Plaza

This former farming community is now home to upscale shops and restaurants, particularly on Middle Neck Road. Wealthy New Yorkers are attracted to the neighborhood — and it’s good to be wealthy here, with rents for a one-bedroom averaging $3,223. Other fun facts: Former residents include Groucho Marx, Eugene O’Neill, W.C. Fields and F. Scott Fitzgerald.

Sanfranman59/Wikimedia Commons

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6. Palo Alto, Calif.: Crescent Park

Your neighbors will be former San Francisco 49er Steve Young and Facebook founder Mark Zuckerberg, so you should probably expect to pony up for higher rent in Crescent Park. The average one-bedroom demands $3,157 a month. But for that price, you’ll get to mingle among the affluent Silicon Valley crowd, get close access to the freeway and be surrounded by traditional architecture.

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5. Oakland/Emeryville, Calif.: Golden Gate

Golden Gate is a “hipster haven,” Kotula said, a diverse neighborhood with drip coffee shops, vegan doughnuts and urban farming. You have easy access to Berkeley, and it’s also not too complicated to get to San Francisco via public transit, she said. A one-bedroom apartment rents for $2,695.

Shutterstock.com

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4. Boston: Government Center

Government Center is a lot like it sounds: a neighborhood with many government buildings, including Boston’s City Hall. Its location also often makes commuting easy for people who work in the city, Kotula said. Average rent for a one-bedroom: $3,782.

yerbabuena.org

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3. San Francisco: Yerba Buena

With its cultural institutions, shopping, urban greenspaces and fine dining, Yerba Buena attracts an eclectic crowd, including foodies, techies, fashionistas and night clubbers, Kotula said. The cost of an average one-bedroom apartment in the center of this cultural hub: $3,643 a month.

Getty ImagesThe Brooklyn Bridge is viewed from a park in DUMBO.

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2. Brooklyn, N.Y.: DUMBO (Down Under the Manhattan Bridge Overpass)

It costs an average $4,023 a month to rent a one bedroom in DUMBO, a Brooklyn neighborhood with a vibrant art scene, designer boutiques and independent bookstores, Kotula said. This waterside neighborhood also is becoming a hub for technology companies.

Kjetil Ree/Wikipedia

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1. Manhattan, N.Y.: Penn Plaza/Garment District

Penn Plaza is at the heart of the fashion scene, yet small—the neighborhood is only 1 square mile, Kotula said. It’s also expensive to live there. It costs an average $4,440 a month to live in a one-bedroom apartment in this part of town, an amount so steep that people with the median income there can pay 70% of their monthly take-home pay on rent, she said.

Kjetil Ree/Wikipedia

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1. Manhattan, N.Y.: Penn Plaza/Garment District

Penn Plaza is at the heart of the fashion scene, yet small—the neighborhood is only 1 square mile, Kotula said. It’s also expensive to live there. It costs an average $4,440 a month to live in a one-bedroom apartment in this part of town, an amount so steep that people with the median income there can pay 70% of their monthly take-home pay on rent, she said.

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